Edcon Works to Reduce Debt from Company Cash Flow

Edcon Works to Reduce Debt from Company Cash Flow

According to an announcement by Edcon’s Chief Financial Officer (CFO), Steve Binnie yesterday, the tight control the company placed on their operating expenses their working capital and their debtors led to an increase in the sales in the year leading up to April.

“We have been less aggressive than our competitors with regard to opening new accounts and new space”, said Mr. Binnie. “In that context we are pleased with the results”. He went on to say, “With the refinancing of our debt and hedging liability we had to be a little more conservative”.

However, Mr. Binnie was not worried too much about the company’s debt. He said the business was continually earning money, so that could be used to bring their debt amount down even more, saying that the last two years have been really good in regards to generating cash.

The retailer’s chains, which include CNA, Edgars, Jet, Red Square and Boardmans, increased their sales by 6.1% compared with the previous financial year due to the strong growth in sales in cell phones, and clothes for both men and women.

Because Edcon has 3.7 million accounts for customer credit, it is the largest credit provider in the southern part of Africa in that regard.

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